NEW YORK, Oct. 05, 2018 (GLOBE NEWSWIRE) -- The global electric vehicle market is expected to witness a CAGR of 23.9% and is projected to reach 51.5 million units by 2024. The growth of this market is propelled by shift towards a greener economy by nations across the globe, and due to government policies and incentives supporting EV adoption. Like, other countries, India imports major share of its crude oil, so in order to reduce the dependency on the crude, government of India is trying to move towards electric vehicles. According to the Paris Climate Agreement, India is trying to bring down its share of emissions by 2030.
The Electric Vehicles Initiative (EVI) forum has been an important platform in the growth of market in past few years. EVI members include ten major governments which share information and set targets for EVs deployment on a common platform. Furthermore, a supportive policy environment has enabled the growth of market by reducing risk for investors and encouraging manufacturers to start implementing large scale business streams.
BEV segment is expected to witness the highest growth rate over the forecast period
Battery EVs (BEV) market held the major share of the market in 2017 and is expected to continue to gain fast traction in the automotive industry over the forecast period. Lower price fluctuation for electricity than for petroleum fuels and CO2 taxes on fossil fuels are providing BEVs a competitive edge compared to combustion engine based vehicles. Additionally, incentives provided by governments and initiatives taken by countries have also propelled the market growth.
Electric vehicle Market – Regional Insight
Asia-Pacific (APAC) held the largest market share of the global market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to the huge existing market for automotive industry in this region. China dominates APAC region, having the most number of publically available fast EV charging stations and the largest electric car stock in the world. The government of China has a target of 7 million electric vehicles by 2025. Some of the domestic manufactures of China are SAIC Motor, Great wall Motor and Geely Automobile. In order to promote the industry, not only China, but other countries as well are investing in buyers and imposing quotas on manufacturers. Governments are bringing tougher emission rules and introducing quotas that will require manufactures to pay fines if they miss targets for producing zero or low-emission cars.
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Key findings from the report:
- The global electric vehicle market is likely to reach 51.5 million units by 2024
- BEV segment is expected to witness the highest CAGR over the forecast period owing to increase in sales of carbon emission free cars
- Non-autonomous segment is likely to have the fastest CAGR during the forecast period. Asia-Pacific held the largest market share of the global market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to the huge market for automobile industry in this region
- The key players of this market are Volkswagen; Tesla; BYD Company Ltd.; Mitsubishi Motors Corporation; LG Electronics; Panasonic Corporation; Nissan Motor Corporation; General Motors; ChargePoint Inc., and Efacec among others
By Propulsion
- HEV
- PHEV
- BEV
- FCEV
By Technology
- Autonomous
- Non-Autonomous
By Application
- Private electric vehicles
- Commercial electric vehicles
- Industrial electric vehicles
Region
- Asia –Pacific (APAC)
- USA
- Europe
- Middle East & Africa
- Central & South America
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